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Thread: THE MILTONIA RESIDENCES - Miltonia Close @ Yishun, By Hoi Hup Sunway Miltonia Pte Ltd

  1. #1
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    Default Land parcel at Miltonia Close

    Land parcel at Miltonia Close attracts seven bids
    By Ephraim Seow | Posted: 24 August 2010 2103 hrs


    SINGAPORE : A land parcel at Miltonia Close attracted seven bids when the tender closed on Tuesday.

    The highest bid of S$165 million came from Hoi Hup Realty and Sunway Developments, which are jointly pitching for the project.

    This translates to S$406 per square foot per plot ratio (psf ppr).

    The bid is some 31 per cent higher than the second highest one at S$126 million which was submitted by Master Contract Services.

    The remaining bids ranged between S$97.9 million and S$125.3 million.

    They came from developers like Allgreen Properties as well as Superport, a unit of MCL Land.

    The site was launched by Housing & Development Board (HDB) on July 2.

    It spans 27,000 square metres (sqm) and has a maximum gross floor area of 37,800 sqm.

    With a 99-year lease term, the land parcel is slated for strata landed housing, condominium housing or flats development.

    HDB said the project completion period is 72 months from the date the tender is accepted.

    Leonard Tay, director, CBRE Research, said the developer who wins the site will likely develop a five-storey low-rise condominium.

    He said: "The top bid of S$165 million or S$406 psf ppr could reflect a breakeven cost of around S$700 to S$750 psf should a low-rise condominium be developed. Condominium units in this new project could possibly sell above S$800 psf."

    He added; "For comparison against transactions of other developments in the vicinity from April to August, units in The Estuary, which was launched in April 10, transacted at S$650 to S$850 psf, while those in the 16-year-old Orchid Park Condominium were sold at S$550 to S$700 psf." - CNA/ms
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  2. #2
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    developer remains bullish

  3. #3
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    ...and to think that the shaughnessy launch price was around 800k+ only.

  4. #4
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    Quote Originally Posted by azeoprop
    ...and to think that the shaughnessy launch price was around 800k+ only.
    which means ard 250psf? 7-8yrs ago construction cost only like 50-100psf ar?

  5. #5
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    I think it was launched around 2005, can't remember. We went to the show unit, eventually never buy because 800k+ that time was quite expensive for us and the buildings were very close to each other....oh well.

  6. #6
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    cash really becoming like toilet paper...

  7. #7
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    Quote Originally Posted by sleek
    Land parcel at Miltonia Close attracts seven bids
    By Ephraim Seow | Posted: 24 August 2010 2103 hrs


    SINGAPORE : A land parcel at Miltonia Close attracted seven bids when the tender closed on Tuesday.

    The highest bid of S$165 million came from Hoi Hup Realty and Sunway Developments, which are jointly pitching for the project.

    This translates to S$406 per square foot per plot ratio (psf ppr).

    The bid is some 31 per cent higher than the second highest one at S$126 million which was submitted by Master Contract Services.

    The remaining bids ranged between S$97.9 million and S$125.3 million.

    They came from developers like Allgreen Properties as well as Superport, a unit of MCL Land.

    The site was launched by Housing & Development Board (HDB) on July 2.

    It spans 27,000 square metres (sqm) and has a maximum gross floor area of 37,800 sqm.

    With a 99-year lease term, the land parcel is slated for strata landed housing, condominium housing or flats development.

    HDB said the project completion period is 72 months from the date the tender is accepted.

    Leonard Tay, director, CBRE Research, said the developer who wins the site will likely develop a five-storey low-rise condominium.

    He said: "The top bid of S$165 million or S$406 psf ppr could reflect a breakeven cost of around S$700 to S$750 psf should a low-rise condominium be developed. Condominium units in this new project could possibly sell above S$800 psf."

    He added; "For comparison against transactions of other developments in the vicinity from April to August, units in The Estuary, which was launched in April 10, transacted at S$650 to S$850 psf, while those in the 16-year-old Orchid Park Condominium were sold at S$550 to S$700 psf." - CNA/ms

    not near MRT still sell at this price...good sign for those near MRT...

  8. #8
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    Present asking price now almost double the 800k

    Quote Originally Posted by azeoprop
    I think it was launched around 2005, can't remember. We went to the show unit, eventually never buy because 800k+ that time was quite expensive for us and the buildings were very close to each other....oh well.

  9. #9
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    Quote Originally Posted by peterng8
    not near MRT still sell at this price...good sign for those near MRT...
    quite true. the trend now is near MRT is king

  10. #10
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    Quote Originally Posted by 2824
    Present asking price now almost double the 800k
    That's propertyguru pricing isn't it? They may ask for optimistic prices but truth is units move slow. The only ones worth considering are the better placed corner terraces.

    If you go in and view you will know - they cramped 3000 sq feet into 4 storeys - imagine the area per floor. 3metres away you look into your neighbour's private place, and him at yours. Units are super packed to each other like sardines.

    The only place where you get any refuge is on roof terrace where some units have unblocked view...but you won't go in the afternoon thanks to the searing heat. I won't buy there as it is not close to amenities and the facilities are so-so - the EC Lilydale and Canopy are much better being nearer to amenities.

    Not to upset any Shaunessy fans here but my honest 2 cents

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